I like to edit question and answers by new users, but I don't have edit privileges. So every time I edit a couple of posts I receive this message:

[![Screenshot][1]][1]
    
I just want to know 

 - How many posts I can edit in a row before getting this?
 - How does peer review system actually work?
 - Why does it take a long time usually? (no offence to peer reviewers, I'm just curious and not complaining.)  

  

  [1]: https://i.sstatic.net/O9Yil.png